Devon-based sling manufacturer Silvalea has been bought by a large Canadian accessibility group but key management from the UK firm will remain in place.
Savaria Corporation, based on Ontario, acquired all shares of Silvalea and its sister company D-ansermed for £4.6m.
Silvalea, which has its headquarters in Newton Abbot was founded in 1993 and manufacturers patient transfer slings and accessories for the mobility sector.
The company specialises in the design and development of challenging and complex patient transfer solutions, with a catalogue of more than 800 sling designs.
D-ansermed is an affiliate of Silvalea that was formed in 2012 to develop safety components used in patient moving and handling operations.
In its last fiscal year, the Silvalea Group recorded revenues of £4m and EBITDA of around £600,000.
The firm sells 70,000 slings each year with approximately 85% of Silvalea’s sales being generated in the UK and Europe, with the remainder from international markets, primarily Australia and Canada.
Savaria wants to leverage Silvalea’s sling manufacturing expertise and know-how to accelerate the production of custom slings from Greenville, South Carolina, to serve the US and Canadian markets.
The transaction also aims to provide Savaria with cross selling opportunities for patient lifts and pressure care products into Silvalea’s established UK and European customer channels.
Marcel Bourassa, CEO of Savaria, said: “Our research team in Magog, Québec, headed by Jonathan Benoit would work closely with the R&D team at Silvalea to continue to bring the most innovative, high quality patient handling solutions to the market.
“This is an outstanding opportunity for Savaria to leap ahead in the patient handling market and benefit from recurring revenue. I look forward to what we can accomplish together.”
Image credit: Silvalea